Netflix CEO Reed Hastings Stepping Down, Remaining as Chairman

Reed Hastings, CEO of Netflix, is stepping down from his role as CEO but will remain as Chairman of the company. The company announced this decision alongside its earnings report on Thursday.

Co-CEO Ted Sarandos will continue in his position, while Greg Peters, the current chief operating officer, will take over as co-CEO. Peters will also be joining the company’s board. Sarandos thanked Hastings for his leadership and mentorship and stated that the company looks forward to working with him for many more years to come. Hastings co-founded Netflix in 1997 and will continue to serve as executive chairman for many years to come.

The executive shakeup also includes Bela Bajaria taking on the role of chief content officer and Scott Stuber becoming chairman of Netflix Film. The succession announcement was made alongside the company’s fourth-quarter earnings report, which matched Wall Street’s revenue expectations and exceeded the number of subscriber adds expected.

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